Buy, Sell, or Hold SHIB?

The price action of the SHIB crypto shows that selling pressure was noted on the charts and was in a downtrend, forming lower lows over the past few months. Moreover, due to declining investor interest, trading volume was below average.

Furthermore, the SHIB showed a decline in user activity which acted as a negative sentiment for the crypto and led to bearishness in the charts.

The ongoing trend favors bears, as the crypto was in a corrective phase, making buyers cautious. Moreover, SHIB was below the significant moving averages and tries to attain the 50-day EMA to hold the gains.

At the time of writing, the SHIB price is trading at $0.00000693 with an intraday gain of 0.14%, showing a bearishness. Moreover, the intraday trading volume increased by 0.51% to $4.09 Billion and the market cap is $88.36 Million.

Crypto has had a poor performance over the years. Year-to-date it gave negative returns of -13.77%. The crypto showed a loss of 36.70% in a span of 6 months. In the last 1 month, the returns were -8.19%; and -4.92% in the last seven days highlighting the protracted bearish trend.

Technical Analysis of SHIB Crypto Price in 1-D Time Frame

At the time of publishing, SHIB crypto (USD: SHIB) is trading above the 50 and 200-day SMAs (simple moving averages), which do not support the price trend. The current value of RSI is 35.12 points. The 14 SMA is below the median line at 42.60 points which indicates that the SHIB crypto is bearish.

The MACD line at -0.00000014 and the signal line at -0.00000012 are below the zero line. A bearish crossover is observed in the MACD indicator which signals more bearishness for the SHIB crypto price.

4 Hour Time Frame Technical Evaluation

On the 4-hour charts, the SHIB price is stuck in a narrow range and does not signal a rise in the near future because of low volume levels. Moreover, a key indicator is still in the neutral range and does not signal bullishness.

The RSI curve is near 28.05, in the neutral range, showing a narrow consolidation move on the short-term charts. The MACD shows red bars on the histogram with a bearish crossover. It is not signaling any substantial upswing.

Summary

SHIB coin technical oscillators support the bearish trend. The MACD, RSI, and EMAs are emphasizing negative signs and imply that the downtrend might continue in the SHIB crypto price. SHIB price action suggests that the investors and traders are bearish on the 1-day time frame. The price action reflects a bearish perspective at the moment.

Technical Levels

Support Levels: $0.00000636 and $0.00000527.
Resistance Levels: $0.00000745 and $0.00000793.

Disclaimer

This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your own research before making any financial decisions